Texas offers significant tax advantages for high-income individuals because it has no state income tax, unlike states like California which impose 10% state taxes; this tax savings can compound over time through investments, making Texas an attractive location for millionaires seeking to maximize their wealth accumulation.
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Texas: No State Tax, Millionaire Haven! Save Big! #shortsAñadido:
But, to make sure we clear, because I'm a fiduciary and past performance not guarantee future results. That's not the end all be all, right? You still have to register the operating business in the state you're operating in, right? So, if I live in Texas and I do real estate, my property is registered in Wyoming, right? But, my business operations wise is registered in Texas. So, from an operations standpoint, that means I still got to pay taxes. Well, you should know state taxes in Texas, but I still got to pay local taxes. I still got to file my business in Texas, right? Cuz I'm running my business in Texas. I'm operating in Texas, but the assets that are being operated in Texas are held in Wyoming. I got you. I got you. And you mentioned state taxes, right? Texas doesn't have any state taxes. Why do most millionaires move to Texas? That reason. Well, how does it help them?
Well, let's look at California. I got to pay 10%. If I make a million dollars, do I want to pay $100,000 to the state?
Okay. I move to Texas, $100,000. In 10 years, that's another million dollars.
With compounding interest, in 10 years, a million dollars is $3.4 million dollars if we invest in the S&P 500 making 10% a year. Past performance not guarantee future result, but the numbers are the numbers.
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